한국 해운산업의 선박금융 리스크 요인과 평가에 관한 연구 = The Shipping Finance Risk Factors and Evaluation in Korean Shipping Industry

다국어 초록 (Multilingual Abstract)

The Korean shipping industry has been undergoing significant structural transformation over the last thirty years. Compared with shipping company in other countries like Europe, Japan and Singapore, it has shown its rapid growth and become one of top 5 countries in shipping industry. But both world economy and Korean shipping industry has sunk into stagnation because of global financial crisis in 2008.
Shipping finance is closely related to shipping industry, shipbuilding industry and banking industry. It becomes more and more important in Korea. The reason is that considering with foreign advanced countries, Korean shipping finance is incomplete development. Therefore, we should understand shipping finance in order to develop Korean shipping industry.
Chapter Ⅱ presents an outline of shipping finance and shows the structure and the type of shipping finance. Chapter Ⅲ indicates an overview of shipping industry around the world and shipping finance system between Europe and East Asia. and then it compares shipping finance system between Europe and East Asia. korean shipping finance system is studied especially. In chapter Ⅳ, We analyzes risk factors and risk evaluation of shipping finance in Korean shipping industry. Finally, summary and conclusions will be followed in chapter Ⅴ.
The purpose of this study is to finding out shipping finance risk factors which exist in Korean shipping industry and to evaluate risk based on case after reviewing the current situation. With those aims, this paper defines shipping finance and analyzes shipping industry and shipping finance.
Risk factors in shipping industry are country risk, market risk, currency risk, interest rates risk, credit risk, timing risk, transaction risk, and technological risk. Particularly, Korean shipping industry is exposed to country risk and interest rates risk on account of political and geographical feature.
We conduct cash flow analysis, loan to value analysis and asset value risk analysis, which are evaluation method to analyze risk in shipping industry. According to the evaluation results, risk has appeared in first stage. Cash flow turn to positive number after eight years. As time passes, curve drop rapidly. and value of ship becomes double in loan balance at six years. In order to hedge against risk, a variety of swap transaction should be used together. The evaluation methods can be use helpfully when making portfolio model and premium model to manage risk.

목차 (Table of Contents)

• 제1장 서론 1
• 제1절 연구의 배경 및 목적 1
• 제2절 연구 방법 및 구성 4
• 제2장 선박금융의 개요와 종류 6
• 제1절 선박금융의 개요 6
• 제2절 선박금융의 거래구조 9
• 제3절 선박금융의 종류 12
• 제3장 세계 해운산업과 선박금융의 현황 및 제도 18
• 제1절 세계 해운산업의 최근 현황 18
• 제2절 세계 선박금융시장 현황 24
• 제3절 유럽의 선박금융제도 28
• 1. 독일 KG펀드 28
• 2. 노르웨이 K/S펀드 31
• 3. 그리스 선박금융제도 33
• 제4절 동아시아의 선박금융제도 36
• 1. 일본 선박금융제도 36
• 2. 싱가포르 선박금융제도 38
• 3. 중국 선박금융제도 41
• 4. 한국 선박금융제도 43
• 제5절 주요국과 국내 선박금융제도 비교 50
• 제4장 한국 해운산업의 선박금융 리스크 요인과 평가 53
• 제1절 한국의 해운산업과 선박금융 현황 53
• 1. 국내 해운산업 현황 53
• 2. 국내 선박금융 현황 56
• 제2절 한국 해운산업의 선박금융 리스크 요인 60
• 1. 국가 리스크 60
• 2. 시장 리스크 61
• 3. 통화 리스크 62
• 4. 이자율 리스크 62
• 5. 신용 리스크 63
• 6. 시기선택 리스크 63
• 7. 거래 리스크 64
• 8. 기술 리스크 64
• 제3절 한국 해운산업의 선박금융 리스크 평가 66
• 1. 리스크 평가방법 66
• 2. 사례를 통한 리스크 평가 69
• 제5장 결론 75
• 참고문헌 78
• Abstract 83